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Kohinoor Foods Forms Venture With McCormick

Shruti Chakraborty

Updated June 2, 2011 4:14 a.m. ET

NEW DELHI -- Kohinoor Foods will form a joint venture with U.S-based spice seller McCormick & Co. to market and sell basmati rice and other food in India. Under the arrangement, McCormick has agreed to invest $115 million, including an 85% interest in the new joint venture, and to provide new technology and practices for the business.

Kohinoor Foods will hold 15% of the shares in this new joint venture called Kohinoor Speciality Foods India, currently a wholly owned subsidiary of Kohinoor Foods. The deal is expected...